Task 1
TASK 1
There are 4 types of marketing techniques, which are Growth Strategies, Survival Strategies, and Branding & Relationship Marketing these techniques are used by most business.
Growth Strategies
These are strategies that are aimed towards the expanding the business nationally or internationally by either expanding sales or increasing the market shares. Igor Ansoff has developed four types of strategies which are called market penetration, product development, market development and diversification.
Market penetration happens when a business enters an individual market which current products and services already exist. Product development is basically the creation of products with new or diverse characteristics that give advantages to the customer. Also, product development may contain the changing of a product and/or how it’s seen. Market Development is technically the Expansion of the whole market for a product of business. This can be done by putting in new segments of the market and turning non users into normal users. Lastly, Market diversification is a strategy that looks into new markets. It mainly involves looking at a new market and creating a product or service so that it meets the needs and objectives of that market.
Tesco use the four growth strategies. They use market penetration as they are always selling the same products and services their competitors sell but for a cheaper price. This allows Tesco to get their rivals competitors and a piece of their market share. Tesco also use market development since they have expanded their market by not only selling food items but offering mobile phone services. Tesco use product development. This may be because; Tesco normally produces their own brand of food items they sell. For example Tesco sells Branded and non- branded items. This gives the customer a variety to choose from and pick an item they are happy with and also for a reasonable price. Additional Tesco use market diversification
There are 4 types of marketing techniques, which are Growth Strategies, Survival Strategies, and Branding & Relationship Marketing these techniques are used by most business.
Growth Strategies
These are strategies that are aimed towards the expanding the business nationally or internationally by either expanding sales or increasing the market shares. Igor Ansoff has developed four types of strategies which are called market penetration, product development, market development and diversification.
Market penetration happens when a business enters an individual market which current products and services already exist. Product development is basically the creation of products with new or diverse characteristics that give advantages to the customer. Also, product development may contain the changing of a product and/or how it’s seen. Market Development is technically the Expansion of the whole market for a product of business. This can be done by putting in new segments of the market and turning non users into normal users. Lastly, Market diversification is a strategy that looks into new markets. It mainly involves looking at a new market and creating a product or service so that it meets the needs and objectives of that market.
Tesco use the four growth strategies. They use market penetration as they are always selling the same products and services their competitors sell but for a cheaper price. This allows Tesco to get their rivals competitors and a piece of their market share. Tesco also use market development since they have expanded their market by not only selling food items but offering mobile phone services. Tesco use product development. This may be because; Tesco normally produces their own brand of food items they sell. For example Tesco sells Branded and non- branded items. This gives the customer a variety to choose from and pick an item they are happy with and also for a reasonable price. Additional Tesco use market diversification